NEWS REVIEW FOR TUESDAY, JANUARY 17, 2017
Oil & Gas
NNPC Records Reduction in Vandalism of Downstream Pipelines
The Nigerian National Petroleum Corporation (NNPC) has said that vandalism of its downstream pipelines within the last one year across the country has drastically reduced from 204 vandalised points it recorded in November 2015, to 43 points in November 2016.
No dialogue, Niger Delta problems already known, says Buhari
President Muhammadu Buhari yesterday openly acknowledged that the Niger Delta zone has been neglected, promising to establish a roadmap for the development of the oil-rich region.
NPDC Moves to Offset Financial Liabilities to DPR, FIRS
The Managing Director of the Nigerian Petroleum Development Company (NPDC), Mr. Yusuf Matashi, has disclosed that the company was in talks with statutory government agencies such as the Department of Petroleum Resources (DPR) and Federal Inland Revenue Services (FIRS) to agree on an installed payment timelines for the company’s historical financial liabilities to these agencies.
Oil prices drop as doubts over output cuts mount
OIL prices slipped yesterday over doubts that large oil producers will reduce production as promised and on expectations that United States production would increase again this year.
Wood Mackenzie: New Projects in Upstream Oil and Gas Industry to Double in 2017
The latest report by Wood Mackenzie forecasts that the investment cycle will show the first signs of growth in 2017 since 2014, while Final Investment Decisions (FIDs) will double, compared with 2016.
Communities cripple operations of Eleme Petrochemicals
OPERATIONS of West Africa’s largest fertilizer plant, Ndorama Petrochemical Limited, in Eleme Local Government Area, Rivers State, were yesterday, disrupted for several hours after aggrieved host communities took over the main gate into the firm.
State of Development in Niger Delta Scandalous, Says Osinbajo
In an apparent shift in perception of persistent agitation in the Niger Delta by the Buhari administration, the Vice-President, Prof. Yemi Osinbajo, has stressed that nobody could rightly be proud of the very poor level of development of the oil-rich Niger Delta region of Nigeria.
FG alone can’t solve Niger Delta problems – Osinbajo
Vice President Yemi Osinbajo has called for synergy among federal, state governments and civil society organisations to solve the numerous challenges in the Niger Delta region.
Niger Delta Deserve to be Treated as Special Development Zone – Osibajo
Vice President of Nigeria, Prof Yemi Osibajo has described the Niger Delta region as a special development zone that require not just the federal government but a concerted efforts of all stakeholders.
Osinbajo in N-Delta: Ijaw, Itsekiri differ on Maritime varsity site
IT was a hectic one-day visit to Delta State for Vice President, Prof. Yemi Osinbajo, as he witnessed the explosive nature of the region, yesterday, with the Ijaw and Itsekiri ethnic groups disagreeing on the ownership of the site of the Nigerian Maritime University, NMU, Okerenkoko, whose take-off is a major demand by the Ijaw of Gbaramatu Kingdom.
Osinbajo in N’Delta, says region long neglected
Vice-President Yemi Osinbajo led a Federal Government delegation to the Niger Delta on Monday and lamented that the geopolitical zone had long been neglected.
Separating criminality from Niger Delta agitation
MILITANTS operating under the aegis of the Niger Delta Avengers have warned of the scary possibility of a resumption of hostilities against the Nigerian state this year.
Expert Advocates Local Procurement in Oil and Gas Sector
An expert in the oil and gas sector, Mr. Bala Zaka has disclosed that Nigeria stands to reap greater benefits from improved local procurement in the oil and gas sector than it is currently getting from relying on royalties and corporate taxes.
Relief as NLNG Vessel Discharges Cooking Gas in Lagos
The scarcity of Liquefied Petroleum Gas (LPG), better known as cooking gas, being experienced in the country would soon ease as the Nigeria LNG Limited’s vessel has successfully discharged 13,000 tonnes of LPG to Lagos jetty.
Court Grants FG’s Request to Amend Suit against Total, Chevron
A Federal High Court Lagos monday granted an application by the federal government to amend processes in its suit against Total E&P Nigeria Plc, over alleged under declaration of crude oil exports.
Domesticating Oil and Gas Projects in Nigeria
In this article, the Chairman of Petroleum Technology Association of Nigeria, Mr. Bank Anthony Okorofor argues that Nigerian authorities should ensure that all the big oil and gas projects be done in-country to create sustainable jobs for Nigerians.
NPC, Sahara Take Delivery of Two LPG Vessels, to Clear Supply Logjam
The Nigerian National Petroleum Corporation (NNPC) and Sahara Energy have said the existing supply logjam which often impede the availability of Liquefied Petroleum Gas (LPG) or cooking gas may soon be over with the delivery of two LPG cargo vessels from South Korea.
Finally, stranded cooking gas vessel discharges in Lagos
The Nigeria LNG Limited on Monday said its vessel carrying Liquefied Petroleum Gas, popularly known as cooking gas, had discharged in Lagos after two weeks of being stranded on waters.
FG Blames Speculators for Forex Crisis, Insists N305/$ is Realistic
The Minister of Finance, Mrs. Kemi Adeosun, has said N305 is a realistic exchange rate of the naira to the US dollar, blaming the hoarding of the United States currency by Shylock market speculators for the huge disparities in the foreign exchange market rates.
Nigeria’s Forex Earnings Hit $24 Billion in Third Quarter 2016
The federal government aggregate foreign exchange (forex) inflow as at the third quarter of 2016 moved up remarkably to $24 billion, a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), Dr. Doyin Salami, has revealed.
IMF Predicts 0.8% Growth for Nigeria in 2017
The International Monetary Fund (IMF) has predicted a slim rise in Nigeria’s Gross Domestic Product (GDP) to 0.8 per cent in 2017.
2017 Budget: ‘Public Trust Will Ensure Sustainability’
A former President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief John .K. Randle has said the 2017 appropriation bill which is currently before the country’s lawmakers requires public trust if it is to fly.
‘Cutting Cash Would Be a Boon for the World’s Poor’
The world’s poor stand to be among the “biggest beneficiaries” of the changes that would follow should cash become almost obsolete, according to a Harvard economy professor and the author of “The Curse of Cash,” Kenneth Rogoff.
Trouble in nation’s mortgage banks over liquidity squeeze
A Crisis looms in the nation’s financial system as lack of funds hits the Primary Mortgage Banking (PMB) segment, The Guardian has learnt.
Global joblessness worsens, to hit 5.8% in 2017
Fresh 3.4 million jobs would be lost in 2017 bringing the global joblessness rate to 5.8 from 5.7 per cent recorded in 2016, a new report by the International Labour Organisation (ILO) has sad.
NUBIFIE affirms affiliation to NLC, denies ULC membership
The National Union of Banks, Insurance and Financial Institution Employees (NUBIFIE) has affirmed that it is still an affiliate of the Nigeria Labour Congress (NLC) as provided for and ratified in its constitution.
Please shelve strike, minister begs university workers
The Federal Government has appealed to the Non-Academic Staff Unions of Universities to shelve its five-day warning strike.
2017: S/South, S/West gulp 52% of federal roads budget
The South-South and South West region will get N138 billion (equivalent to 51.45 percent) of the federal government total spending of N268 billion on construction and repairs of 171 roads across the nation.
Nigeria’s GDP: IMF projects positive growth 2017
The International Monetary Fund (IMF) has projected 0.8 percent GDP growth for Nigeria in 2017, a little below World Bank’s projections of 1percent growth for the period.
Nigerians may pay more for stamp duty
Nigerians may soon begin to pay higher for stamp duty going by a proposal before the National Assembly for an increase in the cost of postage stamps across the country.
External reserves rise by $1bn in two weeks
The country’s external reserves have hit $26.968bn, nearing the $27bn mark, the latest statistics posted on the Central Bank of Nigeria website have shown.
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